The Belgium Polished Diamond Traders Association (BVGD) expressed concern over the price reduction on Friday of the Rapaport diamond price list. According to the BVGD, a decrease across the board from 10 carats down to 0.30 carats “Simply does not reflect the reality of the market.”

In a widely circulated press release, the BVGD said the 3+ carat goods, which saw large price increases in recent moths, will suffer the greatest reduction. “What is inconceivable is why the Rapaport Group considers it appropriate to reduce prices similarly in all ranges from 0.30 - 10 carats,” it said.

According to BVGD, recent price changes in 0.30 carat - 1.00 carat were not even reflected on the Rapaport list.

The Association appealed to other polished diamond trade associations to join it under the umbrella of the World Federation of Diamond Bourses (WFDB) to form a “credible price index on a clear and transparent methodology.”